Appraisal vs Home Inspection, what is the difference? » Mortgage Masters Group

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Both point out potential flaws. So, what is the difference between a home inspection and an appraisal? You’ve chosen the home. What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership.

A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth.

The FHA doesn’t make mortgage loans itself, however. Rather, the FHA insures or backs a couple of different mortgage products made by approved lenders, including the agency’s 203(b) and 203(k) loans.

What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership. Click to See the Latest Mortgage Rates. The inspector doesn’t just look at the surface.

Home Appraisal vs Home Inspection. The difference comes in when you have an appraisal. A home appraisal is required if you will have a mortgage on the home. The appraisal is there for two reasons, for one, the bank wants to make sure that the house that they’re lending on is worth the amount that you’re buying it for.

Survey Vs. Appraisal. by Will Charpentier .. Mortgage Inspection Survey. The second type of mortgage survey is a mortgage inspection survey. It may show the location of your home and any outbuildings only. It may not show the boundaries of your property, or if it does, the boundaries shown.

The lender will order the home appraisal during escrow, but it is almost always paid for by the borrower. After your mortgage lender orders and receives. real-estate education instructor. He holds.

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